While U.S. customers already have a wide array of options to turn their old handset into cash, Apple’s trade-in program differs by offering cash — between $120 and $250, depending on the working condition of the handset — for an old handset which can only be used to purchase a new iPhone. The program launch comes right in time before the rumoured September 10 new-product rollout event, so the retails stores will have plenty of time to get accustomed with an avalanche of iPhone owners who are ready to switch to the latest models.

In other words, you can’t just trade in your iPhone for cash — you can do it in other places like the secondary market, for example — if you plan to participate in the program you need to leave the store with a new iPhone and the new contract as well, CNBC learned. This appears to be part of the company’s effort to increase in-store iPhone sales.

Apple previously has offered another iPhone trade-in program via PowerOn, part of its Apple Recycling Program, which offered a gift card based on the value of the older handset. The new program puts the accent on the retail stores, which connect iPhone users to the Apple universe.

Below is a statement from Apple obtained by TechCrunch:

iPhones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling. In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone.